I'm sure Ducati owners can chime in here. I've found on an R6 once that wrapping in exhaust wrap didn't do anything to stop the bellypan melting. If it's touching, or almost touching, the heat just radiates from the edge of the wrap and melts the glass.

You'd probably be better off with some high quality heat shield on the bellypan itself. Something like the (very exxy) stuff from Thermal Dynamics, which is wafer thin, but very good at repelling heat.